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Question - Josh is a 25% partner in ABC Partnership. ABC makes a proportionate liquidating distribution of $200,000 cash and inventory with a $15,000 fair value (inside basis $5,000) to Pam. ABC has no liabilities at the date of the distribution. Josh' outside basis is $190,000. What is Josh's basis in the inventory property he received from the distribution?
A. $15,000
B. $0
C. $10,000
D. $5,000
Henry Monterrey, a CPA employed by a small public accounting firm, prepared the financial statements. What are the ethical issues? What should Monterrey do?
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A 8.30 percent coupon bond with 13 years left to maturity is priced to offer a 9.0 percent yield to maturity.
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